Weather Insurance Products
Spectrum specializes in Weather Insurance Solutions. We are not simply a weather insurance provider. We are unique, as we have a meteorologist on staff with over a decade of experience helping businesses such as yours to define the financial impact of adverse weather. As the climate continues to change and affect the profitibility of your corporation or enterprise, so does your risk exposure, and we understand that. Let us help you minimize that risk.
Event Weather (Rain Insurance)
This insurance, commonly referred to simply as “rain Insurance” because rain is the most commonly covered peril, is primarily associated with outdoor events. If you have an event for which revenue may be reduced by lack of attendance or a reduction in concession sales, rain insurance is what you need. In addition to rain, our event-weather insurance may cover other perils such as Rain, Snow, Wind, Temperature, Hurricane, Fog, and/or Electrical Storm.
This insurance is designed to create stable cash flows for businesses that are impacted by weather. For example snow insurance can be used to offset anticipated expenses or recover lost revenues due to snowfall fluctuations, and policies are available for too much or too little snow. Are you a snow contractor, property manager, municipality, or condo association? Snow insurance was designed for you.
Looking for a unique promotion for your business? A weather promotion may be what you need. Award your customers with free merchandise should it snow on Christmas Day, rain on Memorial Day, or exceed 100 degrees on the Fourth of July. Nearly any weather and day combination is available.
Have a unique weather situation that doens’t seem to fit into a standard weather insurance policy? Positioned with a meteorologist on staff, chances are we can design a policy to meet your needs. Contact Spectrum to discuss your unique requirements.
Who Buys Weather Insurance?
Our typical buyers of rain insurance and other types of weather insurance include fairs, festivals, concerts, motorsport events, sporting events, or any other outdoor event.
In addition to outdoor events, organizers of indoor events, where weather may hinder the success of the event, may also benefit from placing weather insurance. Those involved with plowing, or paying another to plow snow might purchase snow insurance.
Weather insurance is a stated value policy – this means that once the agreed upon threshold of rain/snow, etc. is reached or exceeded during the specified date and time, the total limit of insurance is paid out. There are no audits or adjustments.
We also have two specific weather insurance products for Golf- and Wedding-related weather risks.
Golf Tournament Cancellation Insurance protects against adverse weather conditions that would cancel a scheduled golf tournament therefore causing a loss of income and/or extra expenses.
Big Day Umbrella is a wedding day rain insurance policy that pays an agreed amount if it rains on the wedding day. It can be bought by the bride and groom to protect expenses, purchased by the wedding party as a gift, or even used by wedding services providers as a refund guarantee to their clients.
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